The Eurozone’s False Recovery
At first glance, the eurozone economy seems like it might finally be on the mend. Stock markets are rallying. Consumer confidence has picked up. Lower
Economy
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Excessive Austerity Not A Lack Of Structural Reform Is Holding Back Investment In Greece
A while ago I participated in a TV debate on Greece (German speakers can follow this link). One of the points of contention was whether
European Economic Governance And Flawed Analysis
Getting Stupid Capital Flows Off The Hook The analytical note on the next steps for better economic governance that was published mid- February during the
Iceland’s Dangerous Hangover
The battle with the creditors of the bankrupt private banks in Iceland is still not over, although the country won the Icesave dispute, graduated from
Reviving EU Fiscal Policy: 10 Ways To Strengthen Public Investment
As the Euro crisis hit, European policy makers reacted with headless austerity policies and a tightening of the Stability and Growth Pact (SGP). The failure
The Tale Of Lazy Greeks
Angela Merkel proclaimed at an early stage that the Greeks could not retire earlier and have longer holidays than the Germans. Der Spiegel’s interpretation was:
Are Negative Interest Rates Good For Growth?
Monetary policy has become increasingly unconventional in the last six years, with central banks implementing zero-interest-rate policies, quantitative easing, credit easing, forward guidance, and unlimited
This is Recovery? Germany, ‘Powerhouse’ In Need Of A Jump-Start
The German government has been a strong supporter of austerity programmes, arguing that the associated goals of deficit and debt reduction provide the best, if
Greece Deserves German Support
Yanis Varoufakis, the economics professor and new Greek finance minister, used a press conference with Wolfgang Schäuble last week in Berlin to issue an emotional
The ECB Has Shaken The Eurozone’s Utopian Foundations
The 4th February late-night decision by the European Central Bank to reject Greek bank collateral for monetary policy operations will, I confidently predict, precipitate not
How To Create A Real European Social Market Economy
Europe’s citizens are torn between the European integration project, which requires market liberalization and competition rules promising greater welfare, and national welfare states, which are
How To Improve The ECB’s QE Programme
With up to €60 bn of debt a month being bought for the next 19 months, the ECB’s programme of quantitative easing (QE) is massive.
The Politics Of Economic Stupidity
In 2014, the world economy remained stuck in the same rut that it has been in since emerging from the 2008 global financial crisis. Despite
Can Insecure Workers Be Confident Consumers?
A paradox that lies at the heart of capitalism is that economies need consumers to be confident spenders of money on the one hand, while
Economics Has To Come To Terms With Wealth And Income Inequality
Nobel laureate Joseph Stiglitz has been writing about America’s economically divided society since the 1960s. His recent book, The Price of Inequality, argues that this
Good And Bad Inequality
In the pantheon of economic theories, the tradeoff between equality and efficiency used to occupy an exalted position. The American economist Arthur Okun, whose classic
Why The Structural Deficit Does Not Exist
A few days ago the Italian government objected to the way that putative technocrats at the European Commission calculated their country’s “structural deficit”. To all